Need advice, I need more income and want to go into buisness
Right now I am working a job that pays all my bills but just barely, I do not want to get another job, but I would like to instead go into business for myself part time. I am tired of relying on other people for my income. Furthermore after reading john taylor gattos book http://www.johntaylorgatto.com/underground/toc1.htm I am more convinced than ever that it is the right thing to do.
In my area there is two flee markets pretty near to one another, I am thinking of opening a stall and maybe selling some food there (either something cooked their like sausage dogs, or baked goods like grandmas sweet potato pie), I am definitly open to other suggestions though. The main reason I like the flee market thing is because I get every Saturday off.
If anyone of you has experience with this sort of thing would you please help me with the math of the whole thing. Like what should be my percentage of cost verses my percentage of profit. I am not even sure if I know enough to ask the right questions.
Thank you.
My mother-in-law
sold and earned extra income at flea markets. I would first suggest going and observing what people are buying at the flea markets, that way you get an idea what your clients are looking for and their financial limits. Then go to garage sales and hunt for stuff people are almost giving away and then resale it at the flea market, also look for things people put out for trash, pick up and resell it. I had neighbors that threw good stuff away and I resold it in my garage sale one time some years ago and made $75.00. Picking the trash kept it out of the dumps and recycled it and added extra income, a win, win. One man's trash is another man's treasure. lol Good luck, to you and try to make this a fun project that will take the pressure off.
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I agree with the poster below
Those who expect to reap the blessings of freedom must. like men, undergo the fatigue of supporting it.-Thomas Paine
The R3volution requires action, not observation!!!!
try Ebay, it will be the cheapest thing to start up. Go to garage sales and hunt down stuff you think that will sell, and then sell that stuff on Ebay, Good luck to you, one piece of advice is don't start a company with employees in the equation, that is when Uncle Sam will start to bend you over, he has been screwing me for a year and a half now that I started my salvage yard, ugh!
Those who expect to reap the blessings of freedom must. like men, undergo the fatigue of supporting it.-Thomas Paine
The R3volution requires action, not observation!!!!
Keep your day job
Until your dream job pays
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Find things to sell
on Ebay. I know people hit garage sales and closeouts and re-sale on Ebay. They do pretty well.
Pies
.
After expenses
if you make 20% you are doing very good. Consider spillage (lost / wasted food) I don't know how much you would sell and how much would be wasted, but factor that in
Food, equipment and permits are about all you need to worry about for right now.
I suggest you look at a used equipment seller / auction house for very cheap equipment and maybe build your own cart.
The biggest thing is advertising. How can you draw people to you? You can print your own fliers and go around to the vendors and offer them coupons. Also, you want to talk it up with them, look at their products and develop a friendship with them. They will become your best customers
Also, think about the bagel shop model (not actually opening a bagel shop). What does a bagel shop make its money on? Coffee. It isn't bagels, and it isn't that expensive cream cheese. If you could get some cheap bottles of water and soda and sell them for under a buck, that will be one of your biggest sellers.
Good luck.
You are not going to get rich in this arena but ....
If this is what you know and feel comfortable with ...
Your margins will be dictated by the quality and uniqueness of your product.
Also ...
I am not sure where you are located, but in my area, Cincinnati, the street vendor is the way to go. There are a limited number of liscences and they are relatively in-expensive.
You get yourself one of those, and you design your business model around a unique product that only you can produce, and the quality is great, you can do very well.
Selling dogs with relish and peppers ain't going to cut it.
WAHOR!!
http://www.dailypaul.com/node/48994
WAHOR!!
http://www.dailypaul.com/node/48994
Yes
Street vending is an amazingly profitable business. I had a client who paid over 1 million to have her cart in central park, ny. She made way more than that
You're right about the niche, when I lived in LA we would always buy bacon wrapped hot dogs from the mexican ladies outside the bars.
I don't think they had permits, but I didn't care. I still crave those bacon wrapped hot dogs.
And feeding off your comment above mine ...
I was at a business seminar a few years back and a guy openned his talk with a question:
What does McDonald's sell?
It ain't burgers and fries. That gets the customers in the door and pays the overhead.
They are selling pop and coffee.
WAHOR!!
http://www.dailypaul.com/node/48994
WAHOR!!
http://www.dailypaul.com/node/48994
Sorry, I don't know what
Sorry, I don't know what percentages to expect- but Portland has thriving food-carts, and I think you could probably make a quick dime doing this, especially if you kept it simple like you're planning on. I've heard you can purchase the carts for like $7,000 used (probably less if you looked around).
It sounds like you're trying to just go without the enclosed cart though- I don't know if there are code issues with that. I'm sure there has to be a forum devoted to that sort of thing.
Good luck.
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Obvious
Start a bank.